The SIE exam, explained: format, cost, scoring, eligibility
The Securities Industry Essentials® (SIE®) Exam is FINRA's entry-level qualification exam for the US securities industry. It tests basic knowledge of products, markets, regulators and prohibited practices, and it is the one exam in the FINRA sequence that anyone aged 18 or older can take without an employer. The facts below come from FINRA's © 2025 content outline and its SIE web pages, checked September 22, 2026. Each answer carries its source date.
The exam at a glance
| Item | Value | Source |
|---|---|---|
| Official name | Securities Industry Essentials® (SIE®) Exam | FINRA |
| Administrator | FINRA; delivered by Prometric | FINRA, checked Sept 22, 2026 |
| Questions delivered | 80 (75 scored, 5 unscored pretest) | FINRA © 2025 outline |
| Answer format | Multiple choice, four options, one keyed answer | FINRA |
| Time | 1 hour 45 minutes (105 minutes) | FINRA, checked Sept 22, 2026 |
| Sections | 4, weighted 16% / 44% / 31% / 9% | FINRA © 2025 outline |
| Passing score | 70 on an equated 0–100 scale | FINRA, checked Sept 22, 2026 |
| Guessing penalty | None | FINRA |
| Fee | $100 (effective January 1, 2026) | FINRA fee schedule |
| Eligibility | Anyone 18 or older; no firm, sponsor or Form U4 required | FINRA, checked Sept 22, 2026 |
| Enrollment window | 120 calendar days, opening the day after enrollment | FINRA |
| Delivery | Prometric test center or online with a remote proctor | FINRA, checked Sept 22, 2026 |
| Retake waits (operative) | 30 days after the 1st and 2nd fail; 180 days after the 3rd and later | FINRA, checked Sept 22, 2026 |
| Validity of a pass | Four years for unregistered candidates | FINRA |
| Live since | October 1, 2018 | FINRA Regulatory Notice 17-30 |
What is the SIE exam?
The SIE is a FINRA qualification exam that, in FINRA's words, "assesses a candidate's basic knowledge of the securities industry," including "industry terminology, securities products, the structure and function of the markets, regulatory agencies and their functions, and regulated and prohibited practices." It has been offered since October 1, 2018.
It is an exam, not a registration. FINRA states that "the SIE does not have a registration category" and that "passing the SIE alone does not qualify an individual for registration." It is a co-requisite: to register as a General Securities Representative, for example, a candidate must pass both the SIE and the Series 7. The Series 7 and the other representative-level exams require a member firm to sponsor the candidate; the SIE does not. (Source: FINRA, checked September 22, 2026.)
How long is the SIE exam?
1 hour 45 minutes, which is 105 minutes of exam time. The Prometric appointment adds about 30 minutes for a tutorial and a survey, and FINRA states that this extra time "cannot be used towards completing the test." The exam is a single timed block with no per-section timing. Unscheduled restroom breaks are allowed, but the timer does not pause. (Source: FINRA, checked September 22, 2026.)
How many questions are on the SIE exam?
80 questions: 75 scored and 5 unscored. The five unscored items are pretest questions that FINRA describes as "additional, unidentified pretest items ... randomly distributed throughout the exam." They are not marked, so a candidate cannot tell which questions count. Every question is multiple choice with four options and one keyed answer.
A dated correction. FINRA's 2024 outline said 10 unscored questions, for 85 in total. The © 2025 outline, which is the one FINRA's SIE page now links, says 5 unscored, for 80 in total. Many sources still quote 85 and 10. FINRA's own guidance is to refer to the current content outline, so 80 and 5 are the operative figures as of September 22, 2026.
What is on the SIE exam?
The 75 scored questions are allocated across four sections. These are the © 2025 outline's exact titles and counts:
- Knowledge of Capital Markets: 16%, 12 questions. Regulators and SROs, market participants, market structure, economic factors, offerings.
- Understanding Products and Their Risks: 44%, 33 questions. Equity securities, debt instruments, options, packaged products, municipal fund securities, direct participation programs, REITs, hedge funds, exchange-traded products, and investment risks.
- Understanding Trading, Customer Accounts and Prohibited Activities: 31%, 23 questions. Orders, settlement, corporate actions, account types and registrations, anti-money laundering, books and records, communications and best-interest obligations, and prohibited activities.
- Overview of the Regulatory Framework: 9%, 7 questions. Registration, continuing education, employee conduct, reportable events.
FINRA allocates questions by section only; it does not publish counts for individual topics within a section. (Source: FINRA © 2025 outline.)
How much does the SIE exam cost?
$100, effective January 1, 2026, under FINRA's amended fee schedule (SR-FINRA-2024-019); the 2024–2025 fee was lower. The fee is paid at enrollment by card or ACH, or by redeeming a voucher issued through an employer or institution. It is not refundable once processed and not transferable. A retake is a new enrollment and a new fee. Prometric may charge separately for late rescheduling; FINRA advises rescheduling at least 10 business days ahead to avoid fees. (Source: FINRA, checked September 22, 2026.)
Who can take the SIE exam?
Anyone aged 18 or older. FINRA states that "association with a firm is not required." No US citizenship is required. A candidate who is not sponsored by a firm creates a FINRA account, enrolls through FINRA's Test Enrollment Services System (TESS), pays the fee and schedules with Prometric. A candidate who is already associated with a member firm is enrolled by the firm through Form U4. Either way, the 120-day enrollment window opens the day after enrollment. (Source: FINRA, checked September 22, 2026.)
Can you take the SIE exam online?
Yes. The SIE can be taken at a Prometric test center or online with a remote proctor, and online delivery is open to any SIE candidate. This is specific to the SIE; other FINRA exams require an accommodation to test online.
The rules differ slightly by delivery. At a test center, a four-function calculator and erasable note boards are provided and personal calculators are banned. Online, candidates are "not allowed to use a personal calculator or scratch paper"; an on-screen calculator and notepad are available in both settings. Results timing also differs, as described below. (Source: FINRA, checked September 22, 2026.)
How is the SIE exam scored?
The passing score is 70 on a scale of 0 to 100, and the scale is equated. FINRA's description: "All candidate test scores are placed on a common scale using a statistical adjustment process known as equating," so that "every candidate is held to the same passing standard regardless of which set of exam items they received." There is therefore no fixed number of correct answers that passes; the raw count needed varies with the form. There is no penalty for guessing, and FINRA says candidates "should attempt to answer all items."
What the results report shows. A candidate who passes receives a pass with no score; FINRA states that "no additional scoring details will be provided." A candidate who fails receives "your overall exam score and your performance on each of the topic sections."
When results arrive. At a test center, the result appears on screen "shortly after you complete your exam," with a printed report. Online, an unofficial pass/fail appears on screen and the official report is emailed and posted to FINRA's systems within three business days; TESS shows the result within 72 hours. (Source: FINRA, checked September 22, 2026.)
What happens if you fail the SIE exam?
The operative waiting periods, checked September 22, 2026, are 30 days after a first failed attempt, 30 days after a second, and 180 days after a third and every subsequent failed attempt. The wait is the same online or at a test center, and it applies per exam.
A change is pending. FINRA filed an amendment to Rule 1210.06 (SR-FINRA-2026-014, June 29, 2026) that would shorten the waits to 15 days, and to 60 days after three or more failures within a two-year period. FINRA's Weekly Update of July 1, 2026 said the reduced periods "are not yet in effect for candidates" and that "the current waiting periods remain unchanged." No implementation notice had been issued as of September 22, 2026.
How long is an SIE pass valid?
Four years from the pass date for a candidate who is not registered. For a candidate who registers with a member firm within that period, the pass stays valid while registered and for four years after registration ends. (Source: FINRA, checked September 22, 2026.)
What is the SIE exam used for?
It is the first half of the co-requisite for registration as a securities representative. After passing the SIE, a candidate still needs a member firm to sponsor the representative-level exam (the Series 7 for general securities, or another series depending on the role). The two exams may be taken in either order. FINRA's stated design is that the SIE covers "fundamental securities-related knowledge" and the representative-level exams cover "knowledge relevant to day-to-day activities, responsibilities and job functions." (Source: FINRA, checked September 22, 2026.)
This is exam preparation, not investment advice.
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